Andrea Orcel, the investment banker who helped transform Banco Santander from a tiny Spanish lender to one of the world’s biggest banks through scores of acquisitions over 28 years, has taken the top job. He needs to prove that he can turn its fortunes around, but the question on the City’s lips is, will he do it with deals?

Orcel’s to-do list at Santander is formidable. The bank’s share price has lagged as increasingly onerous capital requirements, rising costs and shrinking loan margins have made investors wary. Meanwhile, the pre-crisis empire building pushed by Santander’s former executive chairman, Emilio Botin, has largely stalled under his daughter Ana, who replaced her father in the role after his death in 2014.